Gainesville, FL - Cox Communications

Highlights:

• Brand new 10-year net lease with 10% Increases every 5 years and 2 (5-year) option periods to extend
• Investment Grade Credit - Corporate Guarantee from Cox Communications (Fitch: BBB+ | Moody’s: Baa2 | Standard & Poor’s: BBB)
• Cox Communications, Inc is the 3rd largest cable network provider in the US, and 2024 revenues were over $13 Billion.
• Cox Communications serves approximately 6.5 million customers, including 2.9M digital cable subscribers, 3.5M Internet subscribers, and almost 3.2M digital telephone subscribers, making it the seventh-largest telephone carrier in the country.
• Strategically located at the signalized intersection of 43rd Street and 16th Boulevard, averaging a combined 43,800 vehicles passing by daily
• Part of larger development next to a new urgent care and future 10,000 SF strip center and daycare
• Benefits from nearby access onto Interstate 75 (104,500 VPD), making it a centralized location with easy access
• Asset is ideally adjacent to The Marketplace (90K+ SF), Thornbrook Village Shopping Center (82K+ SF), and Millhopper Shopping Center (80K+ SF)
• Publix across the street in Millhopper Square is ranked in the top 85th percentile of Publix’s nationwide with 1.2M visits per year
• Residents within 1 mile boast an affluent average household income of $119,955

Description:

• The tenant recently signed a brand new 10-year lease with 2 (5-year) option periods to extend, demonstrating their commitment to the site
• The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation
• The landlord is responsible for CAM, Taxes, and Insurance; however, gets reimbursed for all operating expenses
• Ideal, low-management investment opportunity in a state with no state
income tax
• The lease is signed by the corporate entity (S&P: BBB)
• Founded in 1898, Cox Communications is the largest private broadband provider in the Unite States
• Cox Enterprises is a global company with 50,000 employees and $23B in revenue
• Cox Communications, a subsidiary of Cox Enterprises, is the third-largest cable television provider in the U.S. serving approximately 6.5M customers, including 2.9M digital cable subscribers, 3.5M internet subscribers, and almost 3.2M digital telephone subscribers, making it the seventh-largest telephone carrier in the country
• A Fortune 500 company, Cox Communications achieved over $11B in revenue in 2023

• The asset is ideally adjacent to The Marketplace (90K+ SF), Thornbrook Village Shopping Center (82K+ SF), and Millhopper Shopping Center (80K+ SF)
• The Oaks Mall (772K+ SF with 119 stores) is a quick 6-minute drive from
the property
• The surrounding national/credit tenants include The Fresh Market, Publix, PetSmart, CVS Pharmacy, Starbucks, The Home Depot, T.J. Maxx, and others
• Publix across the street in Millhopper Square is ranked in the top 85th percentile of Publix’s nationwide with 1.2M visits per year
• The strong tenant presence drives a loyal, local consumer base to the area, promotes crossover store exposure, and contributes to the local economy